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Bankruptcy can help Texans without health insurance

People can find themselves struggling financially for any number of reasons. Sudden employment termination or unexpected damage to your home or car could instantly alter your financial future and leave you wondering how you’re going to make it through the coming months. As unforeseen financial obligations take their toll, you may find yourself facing insurmountable debt with no end in sight, which is surely the last thing you need.

A South Carolina woman underwent treatment for the trauma she suffered in 2012 after being assaulted. Unfortunately for her, per a decision of the state, Medicaid benefits were not extended to adults with incomes that fell below established thresholds, and she could not afford to pay for commercial health insurance. This lack of health insurance meant that she could not afford the treatments needed to help with her depression and post-traumatic stress disorder reportedly caused by the assault. Unable to manage all of her finances with the accumulating medical bills, she filed for personal bankruptcy to help her manage debt.

At this time, Texas has not extended Medicaid benefits to many lower-income adults eligible under federal guidelines, meaning that many Texas residents could find themselves in the same situation as this South Carolina woman. Excessive debt can add extra stress and anxiety to a life that is already facing serious problems. The good news is that you may not have to endure such tribulation. Fortunately, there are debt relief options that individuals can take advantage of when facing insurmountable debt.

Chapter 7 bankruptcy is one such option, and it can discharge many types of debt completely. Chapter 13 is another form of debt relief that lets filers come up with a repayment plan to pay off debts over the span of a few years. Bankruptcy often involves many elements, but effective legal counsel can guide you through the process and get you back on the road to a fresh financial start.

Source: King5.com, “Nearly 4M mentally ill still lack insurance,” Michael Ollove, April 9, 2014

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